https://www.taxtmi.com/caselaws?id=751647 The NCLAT set aside the Adjudicating Authority's order directing release of customs-seized machines to the Customs Department, finding it violated natural justice principles by providing no reasons. The tribunal ruled that under Section 126, goods vest in the Central Government upon confiscation, regardless of whether the redemption fine option is exercised within 120 days. The Resolution Professional's failure to exercise the redemption option during CIRP proceedings meant the goods had already vested in the government, making the release order legally unsustainable. en-us Fri, 19 Apr 2024 00:00:00 +0530 Sun, 21 Apr 2024 22:44:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751647 The NCLAT set aside the Adjudicating Authority's order directing release of customs-seized machines to the Customs Department, finding it violated natural justice principles by providing no reasons. The tribunal ruled that under Section 126, goods vest in the Central Government upon confiscation, regardless of whether the redemption fine option is exercised within 120 days. The Resolution Professional's failure to exercise the redemption option during CIRP proceedings meant the goods had already vested in the government, making the release order legally unsustainable. Case-Laws Insolvency and Bankruptcy Fri, 19 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751647